Crypto & Forex May 24, 2026 0 Comments

Ethena Hits Critical Support Zone: Is This the Turning Point That Could Ignite a Massive ENA Comeback?

Ethena [ENA] took a nosedive of over 10% on May 23rd, sliding right into a crucial demand zone nestled between $0.0760 and $0.0809. Now, here’s the kicker: by the very next day, ENA clawed back up near $0.1005, but the weekly chart? Still looking pretty feeble — down nearly 6%. So, what’s really cooking beneath these moves? The obvious selling pressure on the charts was met with an unexpected surge in Spot Volume, jumping nearly 47%! That begs the question: was this slump fueled by a flood of eager traders diving in, or just a flurry of nervous sell-offs? And more importantly, can ENA actually hold this thin line of support, or are we staring down the barrel of a deeper dive? These are the puzzles that might just decide whether savvy buyers step up or sellers tighten their grip. Ready to dig deeper? LEARN MORE.

Ethena [ENA] dropped over 10% on the 23rd of May, pushing the token closer to a demand zone between $0.0760 and $0.0809.

By the 24th of May, ENA had recovered slightly near $0.1005. However, the weekly chart still showed weakness, with the token down nearly 6%.

Selling pressure remained visible on the charts. At the same time, Spot Volume surged sharply. This raised one question: Was the move backed by strong participation?

Can ENA hold this support zone?

ENA’s decline started to look more structured than reactive. The drop pushed the price closer to the $0.0809 demand zone on the 23rd of May.

That level could still shape ENA’s next move if selling pressure returns.

If sellers regain control near this zone, market structure could shift further toward a sustained downtrend.

Even so, this is also the kind of area where buyers tend to step in. ENA’s slight recovery on the 24th of May showed that demand had not fully disappeared.

ENA price analysis — Source: TradingView

Why did trading activity rise?

What stood out during this move was the spike in market activity. Ethena’s Spot Volume jumped 46.63% to $76.84 million.

This showed that the sell-off did not happen in weak liquidity conditions.

That matters because rising volume during a decline often reflects conviction. Traders were not sitting on the sidelines. They were actively participating, which reinforced the move.

Are whales really buying ENA?

At the same time, larger players appeared more active near the lower price range.

CryptoQuant’s Spot Average Order Size chart showed whale-sized orders near ENA’s recent lows. However, the chart alone did not confirm sustained accumulation.

In most cases, rising whale orders can counter selling pressure, especially when they appear near support.

This created a mixed setup. Sellers had control during the drop, but larger buyers could slow the move if demand holds.

Ethena Average Order Size — Source: CryptoQuant

What happens if ENA loses support?

ENA’s next move now depends on how buyers respond if selling pressure returns.

If the $0.0809 zone fails to hold, the market could extend its losses. That would shift the structure further in favor of sellers. By contrast, if buyers defend the zone with strength, the recent drop could remain a short-term flush.

As it stands, momentum still leans bearish on the weekly chart. But ENA’s 24th of May bounce kept the support reaction alive.

Final Summary

Ethena [ENA] dropped over 10% on the 23rd of May before recovering near $0.1005 on the 24th of May.
ENA’s weekly chart remained weak, with the token still down nearly 6% despite its short-term recovery.